Aptma objects tax proposals

The All Pakistan Textile Mills Association (Aptma) objects to Finance Bill 2024’s “regressive and punitive tax and customs proposals”, which “pose an existential threat to Pakistan’s textile industry”, as per a press release.

The withdrawal of zero-rating on local inputs, a 2pc additional customs duties on key materials, and new taxes on exports will devastate the sector, already struggling with high operational costs while discriminating against exporters, driving investors away, stalling growth, and leading to deindustrialisation.

The collapse of this sector, which accounts for over 50pc of Pakistan’s total export earnings, can lead to massive job losses and an increased trade deficit.

Empowering small-scale farmers

Bank Alfalah launches Pakistan’s first Digital Agriculture Financing product, aiming to empower small-scale farmers and entrepreneurs, as per a press release. The initiative allows customers to avail dairy and equipment financing through a seamless digital process, part of the Revive and Rise initiative. The beneficiaries include individuals from various distantly scaled areas, especially flood-affected areas in Sindh, with 24pc female participation, as well as facilitating the procurement of 333 animals, resulting in the disbursement of Rs100m within three months.

Filing taxes in clicks

According to a press release, K-Electric has introduced a new tax certificate download service on the KE Live App. Customers can now access sales tax, advance income tax, and withholding tax certificates in just four clicks. The initiative is an extension of KE’s efforts to digitalise its services to bring in more efficiency and customer-centricity in its processes, as customers who are active taxpayers can apply for exemption from the Advance Income Tax through a simple process on the KE website.

Sharing his comment on the features, spokesperson KE stated, “We’re pleased to expand the portfolio of services on the KE Live App, which reduces the need for customers to physically visit our centres by offering them a digital solution at their fingertips.”

Sarsabz accolades

Sarsabz, a fertiliser brand under the name Fatima Fertiliser, received three accolades: Best Use of Generative AI in Content Creation for Salam Kissan, Best Innovative Mobile App for Sarsabz Content — HSE App, and Best Web Series of the Year for Sarsabz Kahani — Dahani, at the Pakistan Digital Awards.

Talking about the triple triumph, Rabel Sadozai, Director Sales and Marketing, Fatima Fertiliser, said, “We are incredibly proud of our achievements at the Pakistan Digital Awards.

Engro Ferliser’s maintenance activity

Engro Fertilisers has completed the largest-ever (55 days) scheduled maintenance activity of the EnVen Plant as planned last week, as per a press release.

Established in 2011 with an investment of $1.1bn, the EnVen Plant has an annual production capacity of 1.3m tons and is the most energy-efficient fertiliser plant in Pakistan, with the lowest consumption of gas per ton of urea, according to the company. The project scope of the turnaround included over 5,000 technical activities.

Adamjee Life’s award

Adamjee Life received the “Best Digital Campaign” Award at the Pakistan Digital Awards 2024, as per a press release. Expressing his gratitude, Manzar Mushtaq, CEO of Adamjee Life, stated, “We are immensely honoured to have received this accolade. We understand the importance of a robust digital presence and an enhanced user experience.”

P&G’s new CEO

P&G Pakistan announced the appointment of Ovais Yousuf as its new Chief Executive Officer, according to a press release. Mr Yousuf is an experienced business leader who has worked with P&G for close to 16 years in various roles across Asia, the Middle East, Europe, and Africa.

Ovais Yousuf succeeds Adil Farhat, P&G Pakistan’s former CEO, who will remain with the company and relocate to Jeddah as Senior Vice President and CEO for Saudi Arabia.

Published in Dawn, The Business and Finance Weekly, June 24th, 2024